I also think the corsetting is a bit too long.
While the lace is cute (cute little hearts!), most "hardcore-lolitas" will view it as cheap because it is not cottony nor soft-looking. ^^;; Also, the lace on the top does not flatter. I think you should've had the lace gradually fade as it reached under the arms. (Do you understand? Sometimes, I don't communicate well. ^^;; )
If you are worried about cost, http://cheeptrims.com/
is a wonderful place to buy lace.
For example, I think this
lace would look cute as you used it and it's only $1.20/yd. :3
Overall, it looks like a nice "lolita costume" than a lolita dress. You're going the right direction, though!